![]() ![]() The assessment level is a percentage of the FMV or as shown in the schedule on the Tax Ordinance used to determine the taxable value of the property. Once the land has been classified, the corresponding assessment level is applied. As an example, lots located within and outside of residential subdivisions are assessed differently despite all being residential lands or of similar size. These land classifications are further divided into sub-classes, as much as five per class. In the assessment of land, the classification is differentiated by class like residential, commercial, agricultural, industrial, special, i.e., educational, cultural, scientific and institutional facilities like schools and hospitals, timber and mineral lands, among others. ![]() Rather, it forms the basis of the assessment, a term referring to the “process of determining the value of the property for the purpose of taxation.” All Sanggunians are required to adopt their schedule of market values and be updated every three years. But unlike buying land, the amount to be paid to the government is not the Fair Market Value (FMV). ![]()
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